Indias Reliance acquires a majority stake in a robotics startup

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RIYADH: India’s biggest retailer Reliance Industries is buying a majority stake of an Indian robotics startup for $132 million, Bloomberg reported.

Addverb Technologies, the global robotics company, uses robots to make e-commerce warehouses and energy production more efficient, CEO of the start-up, Sangeet Kumar said to Bloomberg.

The deal makes Reliance Industries the biggest shareholder in the company.

India's richest man and Reliance’s CEO Mukesh Ambani plans to invest in technology to upscale automation across his business empire, Bloomberg said.

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